IPO
Nubank S-1 breakdown: Big growth in a massive market
November 1, 2021
Nubank, a Brazil-based digital bank and one of the world's largest privately held fintech companies, filed for its initial public offering in the United States. The company is seeking a valuation of up to $50.6 billion, based on its initial pricing range of $10 to $11 a share.
The company was founded in 2013 by David Vélez, who saw an opportunity to disrupt the financial services industry in Latin America, with a population of 650 million.
Nubank started as a credit card provider and has since added other offerings, including personal and business savings accounts, personal loans, life insurance and investment products.
As of Sept. 30, Nubank had 48.1 million active customers across Brazil, Mexico and Colombia. That's nearly one out of every six people age 15 or older living in those countries, according to PitchBook's calculations.
Nubank was last valued at $30 billion this summer, when the company raised $1.15 billion in a Series G led by Warren Buffett's Berkshire Hathaway. The company's largest investors are Sequoia, DST, Tencent and Tiger Global.
For the nine-month period that ended Sept. 30, 2021, Nubank's revenue doubled to $1.06 billion from the $534 million for the same period the previous year. While Nubank is still unprofitable, the company says its Brazilian operations are now net-income positive.
Here are five takeaways from the company's filing.
The IPO pricing data in this article was updated on December 8, 2021.
Featured image courtesy of Nubank
The company was founded in 2013 by David Vélez, who saw an opportunity to disrupt the financial services industry in Latin America, with a population of 650 million.
Nubank started as a credit card provider and has since added other offerings, including personal and business savings accounts, personal loans, life insurance and investment products.
As of Sept. 30, Nubank had 48.1 million active customers across Brazil, Mexico and Colombia. That's nearly one out of every six people age 15 or older living in those countries, according to PitchBook's calculations.
Nubank was last valued at $30 billion this summer, when the company raised $1.15 billion in a Series G led by Warren Buffett's Berkshire Hathaway. The company's largest investors are Sequoia, DST, Tencent and Tiger Global.
For the nine-month period that ended Sept. 30, 2021, Nubank's revenue doubled to $1.06 billion from the $534 million for the same period the previous year. While Nubank is still unprofitable, the company says its Brazilian operations are now net-income positive.
Here are five takeaways from the company's filing.
The IPO pricing data in this article was updated on December 8, 2021.
Featured image courtesy of Nubank
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